[Eleanor] Blayney[, CFP®, consumer advocate for the national Certified Financial Planner Board of Standards Inc.] urges consumers to plow this year's extra money into a savings or retirement account to bulk up for the future.
"We all need to be more self-reliant about our retirement. If you haven't maxed out your 401(k) contribution, use that extra $40 a paycheck. Or consider a Roth or regular IRA." Or set up an automatic transfer of that extra 2 percent into a money market, savings or brokerage account. While the extra may not make "a huge difference paycheck to paycheck, it could make a difference for you on an annual basis," she said.
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January 16, 2011